Metropolitan District seeks fiduciary in possible real estate contribution
By Kevin Olsen | September 19, 2012 12:39 pm
Metropolitan District Commission, Hartford, Conn., is searching for an independent fiduciary to represent the $154 million defined benefit plan in a potential transaction in which the commission would contribute its own property to the plan, according to an RFP posted on the commission's website.
The fiduciary would determine the fair market value of the real estate and “must determine if the contribution is feasible, is in the best interests of the pension plan and is protective of the pension plan and its participants and beneficiaries,” according to the RFP. The fiduciary would also represent the pension plan if the commission wants to lease back some or all of the real estate.
The contract is for two years with two one-year renewal options.
The RFP is available on the commission's website at www.ebidexchange.com/Solicitation.aspx?cid=20cf5622-5797-41b1-b2fc-85cdf5a620bf&uid=ad0cd33f-8eca-4bfe-8650-1625d12964e9&sid=34588.
Proposals are due at 4 p.m. EDT Oct. 5. A hiring date was not specified.
Kristine Shaw, district clerk, was not available for additional information by press time.